Crypto debanking could drive industry underground: Australian Treasury By Cointelegraph
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The growing trend of banks cutting services to cryptocurrency companies in Australia could lead to undesired consequences like making the industry less transparent, according to the country’s Treasury Department.
On June 28, the Australian Department of the Treasury published an official statement addressing potential policy responses to debanking in Australia. Debanking occurs when a bank declines to provide services to a customer, citing issues like Anti-Money Laundering (AML), sanctions compliance, reputational risk considerations and others, the authority noted.
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The growing trend of banks cutting services to cryptocurrency companies in Australia could lead to undesired consequences like making the industry less transparent, according to the country’s Treasury Department.
On June 28, the Australian Department of the Treasury published an official statement addressing potential policy responses to debanking in Australia. Debanking occurs when a bank declines to provide services to a customer, citing issues like Anti-Money Laundering (AML), sanctions compliance, reputational risk considerations and others, the authority noted.
Continue Reading on Coin Telegraph
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